Insurance Company A claims that its customers pay less for car insurance, on average, than customers of its competitor, Company B. You wonder if this is true, so youdecide to compare the average monthly costs of similar insurance policies from the two companies. For a random sample of 13 people who buy insurance from CompanyA, the mean cost is $153 per month with a standard deviation of $13. For 15 randomly selected customers of Company B, you find that they pay a mean of $160 permonth with a standard deviation of $18. Assume that both populations are approximately normal and that the population variances are equal to test Company A's claimat the 0.01 level of significance. Let customers of Company A be Population 1 and let customers of Company B be Population 2.Step 1 of 3: State the null and alternative hypotheses for the test. Fill in the blank below.TH = It: °H: "H

Given that: n1 = 13 x(bar)1 = $ 153 s1 = $ 13 n2 = 15 x(bar)2 = $ 160 s2 = $ 18 Alpha = 0.01

Answered: Insurance Company A claims that its…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

For a study conducted by the research department of a pharmaceutical company, 235 randomly selected individuals were asked to report the amount of money they spend annually on prescription allergy relief medication. The sample mean was found to be $17.80 with a standard deviation of $4.30 . A random sample of 250 individuals was selected independently of the first sample. These individuals reported their annual spending on non-prescription allergy relief medication. The mean of the second sample was found to be $18.20 with a standard deviation of $4.00 . As the sample sizes were quite large, it was assumed that the respective population standard deviations of the spending for prescription and non-prescription allergy relief medication could be estimated as the respective sample standard deviation values given above. Construct a 90% confidence interval for the difference −μ1μ2 between the mean spending on prescription allergy relief medication ( μ1 ) and the mean…
A professor believes that, for the introductory art history classes at his university, the mean test score of students in the evening classes is lower than the mean test score of students in the morning classes. He collects data from a random sample of 250 students in evening classes and finds that they have a mean test score of 88.1. He knows the population standard deviation for the evening classes to be 4.2 points. A random sample of 150 students from morning classes results in a mean test score of 89.1. He knows the population standard deviation for the morning classes to be 7.7 points. Test his claim with a 95 % level of confidence. Let students in the evening classes be Population 1 and let students in the morning classes be Population 2. Step 2 of 3: Compute the value of the test statistic. Round your answer to two decimal places.
The mean weekly earnings of all female workers in a state is $710 and the mean weekly earnings of all male workers in the same state is $760. The standard deviations of the weekly earnings are $86 for the females and $106 for the males. Suppose we take one sample of 316 female workers and another sample of 329 male workers from this state. 1.1. By hand, what is the mean of the sampling distribution of the difference between the mean weekly earnings for females and males? 1.2. By hand, what is the standard deviation of the sampling distribution of the difference between the mean weekly earnings for females and males, rounded to two decimal places?
According to a recent article about individuals who have credit cards, the mean number of cards per person with credit cards is 4.5. To test this result a random survey of 60 individuals who have credit cards was conducted. The survey only includes the number of credit cards per participant. The results of the survey are attached below. (a) What is the variable of interest in this study? Is it qualitative or quantitative? (b) Do the results of the survey imply that the mean number of cards per individual is less than 4.5? Use the a = 0.05 level of significance. E Click the icon to view the data from the survey. (a) What is the variable of interest in this study? Is it qualitative or quantitative? The variable of interest is number of credit cards.It is a quantitative variable. (b) Do the results of the survey imply that the mean number of cards per individual is less than 4.5? Use the a = 0.05 level of significance. State the null and alternative hypotheses. Họ: H = 4.5 < 4.5 H1: H…
Fran is training for her first marathon, and she wants to know if there is a significant difference between the mean number of miles run each week by group runners and individual runners who are training for marathons. She interviews 42 randomly selected people who train in groups and finds that they run a mean of 47.1 miles per week. Assume that the population standard deviation for group runners is known to be 4.4 miles per week. She also interviews a random sample of 47 people who train on their own and finds that they run a mean of 48.5 miles per week. Assume that the population standard deviation for people who run by themselves is 1.8 miles per week. Test the claim at the 0.01 level of significance. Let group runners training for marathons be Population 1 and let individual runners training for marathons be Population 2. Step 2 of 3 : Compute the value of the test statistic. Round your answer to two decimal places.
A new Economic / Social Conservatism Scale has scores between 0 and 30 (0 being extreme liberal, 30 being extreme conservative). The mean score is 21 and standard deviation of scores is 5. You want to convert the original scale (call it X) to a new scale (call it Y) that has scores between 0 and 100. What is the correlation of X and Y?
An analyst found that the average amount of money in bank accounts at his/her bank is $2,000 with a standard deviation of $150. What would be the variance?
Barron's has collected data on the top 1,000 financial advisers. Company A and Company B have many of their advisers on this list. A sample of 16 of the Company A advisers and 10 of the Company B advisers showed that the advisers managed many very large accounts with a large variance in the total amount of funds managed. The standard deviation of the amount managed by the Company A advisers was s1 = $583 million. The standard deviation of the amount managed by the Company B advisers was s2 = $488 million. Conduct a hypothesis test at ? = 0.10 to determine if there is a significant difference in the population variances for the amounts managed by the two companies. What is your conclusion about the variability in the amount of funds managed by advisers from the two firms? State the null and alternative hypotheses. H0: ?12 ≠ ?22 Ha: ?12 = ?22 H0: ?12 ≤ ?22 Ha: ?12 > ?22 H0: ?12 = ?22 Ha: ?12 ≠ ?22 H0: ?12 > ?22 Ha: ?12 ≤ ?22 Find the value of the test statistic.…
A professor believes that, for the introductory art history classes at his university, the mean test score of students in the evening classes is lower than the mean test score of students in the morning classes. He collects data from a random sample of 250 students in evening classes and finds that they have a mean test score of 85.6. He knows the population standard deviation for the evening classes to be 4.6 points. A random sample of 150 students from morning classes results in a mean test score of 86.7. He knows the population standard deviation for the morning classes to be 8.3 points. Test his claim with a 99 % level of confidence. Let students in the evening classes be Population 1 and let students in the morning classes be Population 2. Step 3 of 3: Draw a conclusion and interpret the decision. Answer 围 Tables E Keypad Keyboard Shortcuts We fail to reject the null hypothesis and conclude that there is sufficient evidence at a 0.01 level of significance to support the…

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

The Basic Practice of Statistics

Statistics

ISBN:

9781319042578

Author:

David S. Moore, William I. Notz, Michael A. Fligner

Publisher:

W. H. Freeman

Introduction to the Practice of Statistics

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS